COSTCO WHOLESALE CORP

Costco Wholesale Corporation operates membership warehouses and e-commerce sites. The company began operations in 1983 in Seattle, Washington. Costco's business model focuses on offering low prices on a limited selection of nationally-branded and private-label products across various categories to achieve high sales volumes and rapid inventory turnover. This approach, combined with operating efficiencies from volume purchasing, efficient distribution, and reduced merchandise handling in no-frills, self-service warehouse facilities, allows the company to operate profitably with lower gross margins than most other retailers. Costco often sells inventory before payment is due, while also utilizing early payment discounts. Most merchandise is purchased directly from suppliers and routed to cross-docking consolidation points (depots) or directly to warehouses. Depots receive large shipments and quickly distribute them to warehouses. As of August 31, 2025, Costco operated 914 warehouses worldwide. The company operated 890 warehouses at September 1, 2024, and 861 warehouses at September 3, 2023. These warehouses are located in the United States, Puerto Rico, Canada, Mexico, Japan, the United Kingdom, Korea, Australia, Taiwan, China, Spain, France, Sweden, Iceland, and New Zealand. E-commerce sites are operated in the U.S., Canada, Mexico, the U.K., Korea, Taiwan, Japan, and Australia. The company's common stock trades on the NASDAQ Global Select Market under the symbol "COST." Costco reports on a 52/53-week fiscal year, ending on the Sunday nearest the end of August, with increased net sales and earnings during the winter holiday season. References to 2025 and 2024 relate to the 52-week fiscal years ended August 31, 2025, and September 1, 2024, respectively, while 2023 refers to the 53-week fiscal year ended September 3, 2023.